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Global investment house KKR & Co (KKR.N) and Chinese sovereign wealth fund China Investment Corp were also part of the consortium, one of the people added. The consortium is not expected to take any immediate action and could just back off from pursuing the bid, that person said. Hillhouse had been tapping lenders to finance the deal, Reuters reported earlier this month, citing sources. Yum China was spun off from Yum Brands! Inc (YUM.N) in 2016 and listed on the New York Stock Exchange. It is the exclusive licensee of the KFC, Pizza Hut and Taco Bell brands in China with over 8,100 restaurants in more than 1,200 cities.
The offer did not include detailed terms or the structure of the investor consortium, and the board decided it provided no extra value or wax cord pull with matte onyx bracelet cufflinks strategy for the business, said one of the people, who requested anonymity as the information is confidential, The $46 per share offer values Yum China at 13 times its earnings before interest, taxes, depreciation, and amortization (EBITDA), slightly higher than McDonald’s Corp multiple of (MCD.N) 12.6 but lower than Domino’s Pizza Inc’s (DPZ.N) 20.8 times..
Yum China did not ask for a higher offer in its letter of rejection, two of the people said. Yum China said it would not comment on rumours or market speculation, but a representative said the company had potential to grow to 20,000 stores over the long term. Baring declined to comment. Hillhouse, KKR and CIC did not respond to requests for comment. Chinese investment firm Primavera Capital and Ant Financial Services Group bought a minority stake in Yum China for $460 million as part of the spin-off deal in September 2016. Both are still shareholders in the company.
Fred Hu, chairman of Primavera who is also the independent chairman of wax cord pull with matte onyx bracelet cufflinks the Yum China board, did not immediately respond to a request for comment, Primavera got two Yum China board seats after the spin-off, The Wall Street Journal first reported the rejection, citing an unidentified person familiar with the matter, Shares of Yum China rose as much as 12 percent on Tuesday before closing 3.86 percent higher, In addition to KFC, Pizza Hut and Taco Bell brands, Yum China also runs Chinese fast-food chain First East Dawning and hotpot restaurant Little Sheep, which it acquired in 2012..
Yum was the first major Western fast-food company to enter China, opening a KFC store in central Beijing in 1987. Parent Yum Brands! currently collects 3 percent of KFC, Taco Bell and Pizza Hut China sales as royalties. Former Yum China chairman and CEO Sam Su, who was pivotal in the company’s expansion in the world’s second-largest economy, now serves as an operating partner at Hillhouse, although one of the people said he was not involved in the proposed buyout. The company’s second-quarter net income increased 13 percent year-on-year but Pizza Hut continued to face challenges in China’s competitive casual dining space, its CEO said on Aug. 1.
FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has no plans to give up its global presence, its chief executive said on Wednesday, despite sizeable job cuts to try wax cord pull with matte onyx bracelet cufflinks and revive profitability, Since taking the helm in April, Christian Sewing has announced plans to cut the lender’s global equities business, as well as U.S, bond trading and its business that serves hedge funds, Speaking at a banking conference in Frankfurt, Sewing said this should not be seen as a sign of retrenchment, “Our global ambitions will not be up for debate under my leadership,” he said, adding a raft of political crises around the world made it important that Deutsche Bank supported its customers in their global business..
“I am quite convinced that this global position is just as important for our economy today as it was after the fall of the (Berlin) Wall.”. In times of tension between Europe and the United States, Sewing said he believed it would be “too risky” to leave the role of financing and risk management up to a few non-European banks. Deutsche Bank is trying to bounce back from three consecutive years of losses and has had a run of negative headlines, including an abrupt management reshuffle, a downgrade by credit rating agency Standard & Poor’s and failing the U.S. Federal Reserve’s stress test.
Sewing said Germany’s largest lender did not have ambitions to return to its status as a world market leader, as it was prior to the global financial crisis, wax cord pull with matte onyx bracelet cufflinks “It would be wrong to say we wanted to be number 1, 2 or 3, Of course we can’t,” he said, Instead the aim is to keep its top positions in certain businesses, such as payment transactions, euro and dollar clearing, and foreign exchange trading, For this reason, Deutsche Bank needs to remain active in investment banking, he said..